Comerica (NYSE:CMA) Lifted to “Outperform” at Keefe, Bruyette & Woods

Keefe, Bruyette & Woods upgraded shares of Comerica (NYSE:CMA) from a market perform rating to an outperform rating in a research report sent to investors on Thursday morning, Marketbeat.com reports. Keefe, Bruyette & Woods currently has $69.00 price objective on the financial services provider’s stock, up from their previous price objective of $50.00.

Several other research analysts have also recently issued reports on CMA. Royal Bank of Canada decreased their target price on shares of Comerica from $58.00 to $56.00 and set an outperform rating for the company in a report on Monday, July 22nd. Raymond James raised Comerica from a market perform rating to an outperform rating and set a $60.00 price objective on the stock in a research report on Tuesday, July 2nd. Piper Sandler lifted their target price on Comerica from $51.00 to $52.00 and gave the stock a neutral rating in a report on Monday, July 22nd. Morgan Stanley boosted their price target on Comerica from $50.00 to $61.00 and gave the stock an equal weight rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. dropped their price objective on Comerica from $62.00 to $57.00 and set a neutral rating on the stock in a research report on Thursday, June 27th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $56.05.

Comerica Stock Down 0.3 %

CMA stock opened at $54.87 on Thursday. The business has a 50 day moving average of $53.94 and a 200 day moving average of $52.06. The firm has a market cap of $7.28 billion, a PE ratio of 10.91 and a beta of 1.23. Comerica has a twelve month low of $37.40 and a twelve month high of $58.50. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 1.23.

Comerica (NYSE:CMA) last issued its quarterly earnings results on Friday, July 19th. The financial services provider reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.19 by $0.30. The firm had revenue of $1.26 billion during the quarter, compared to the consensus estimate of $812.79 million. Comerica had a return on equity of 15.01% and a net margin of 12.15%. During the same period last year, the company earned $2.01 earnings per share. On average, research analysts forecast that Comerica will post 5.05 EPS for the current fiscal year.

Comerica Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 13th will be given a dividend of $0.71 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $2.84 dividend on an annualized basis and a dividend yield of 5.18%. Comerica’s payout ratio is currently 56.46%.

Insider Transactions at Comerica

In related news, EVP Christine M. Moore sold 2,545 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $57.51, for a total value of $146,362.95. Following the completion of the transaction, the executive vice president now owns 27,910 shares of the company’s stock, valued at approximately $1,605,104.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.19% of the company’s stock.

Institutional Trading of Comerica

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. OLD National Bancorp IN grew its holdings in Comerica by 4.9% during the 2nd quarter. OLD National Bancorp IN now owns 237,650 shares of the financial services provider’s stock valued at $12,130,000 after buying an additional 11,049 shares in the last quarter. Entropy Technologies LP purchased a new position in Comerica during the first quarter valued at $1,764,000. SG Americas Securities LLC increased its holdings in Comerica by 66.2% in the 2nd quarter. SG Americas Securities LLC now owns 62,868 shares of the financial services provider’s stock valued at $3,209,000 after acquiring an additional 25,040 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Comerica by 39.3% in the 2nd quarter. Assenagon Asset Management S.A. now owns 220,659 shares of the financial services provider’s stock worth $11,262,000 after purchasing an additional 62,269 shares in the last quarter. Finally, Aigen Investment Management LP bought a new position in shares of Comerica during the 4th quarter valued at about $891,000. Institutional investors own 80.74% of the company’s stock.

Comerica Company Profile

Comerica Incorporated, through its subsidiaries, provides various financial products and services. The company operates through Commercial Bank, Retail Bank, Wealth Management, and Finance segments. The Commercial Bank segment offers various products and services, including commercial loans and lines of credit, deposits, cash management, payment solutions, card services, capital market products, international trade finance, letters of credit, foreign exchange management services, and loan syndication services for small and middle market businesses, multinational corporations, and governmental entities.